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2021-09-30-accounts

VIPASSANA TRUST (DHAMMA SUKHAKARI)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH SEPTEMBER 2021

REGISTERED CHARITY NUMBER 1175672

VIPASSANA TRUST (DHAMMA SUKHAKARI)

TRUSTEES’ ANNUAL REPORT

FOR THE YEAR ENDED 30[TH] SEPTEMBER 2021

CONTENTS:
Trustee’s Information
Trustees’ Annual Report
Independent Examiners Report
Statement of Financial Activities
(Incorporating the Income and Expenditure Account)
Balance Sheet
Notes to the Financial Statements		 PAGE
1
2 - 3
4
5
6
7 - 9

VIPASSANA TRUST (DHAMMA SUKHAKARI)

TRUSTEES’ INFORMATION

FOR THE YEAR TO 30TH SEPTEMBER 2021

Trustees

Manoj Sethumadhavan Milind Bhagwat Guimin Ma Krupa Srivastava Alex Reveley Vimal Prakash Gideon Sawyer Uma Maheswari Stephanie Weston Andy Forbes Marc Sethi Lizzie Cheetham Aditi Gandhi Harsha Bhundia Mark Phillips Nam Yamaguchi Annie Hailey

Appointed as Chair May 2022 Treasurer Appointed Trustee October 2021 Appointed Secretary January 2022 Resigned as Chair May 2022 Resigned as Secretary January 2022 Resigned October 2021 Appointed October 2021 Appointed October 2021

Registered Office Walnut Tree Manor Haughley Green Suffolk, IP14 3RQ Bankers HSBC 88 High Street Hanham Charity Number 1175672

(1)

VIPASSANA TRUST (DHAMMA SUKHAKARI)

TRUSTEES’ ANNUAL REPORT

The trustees present their report and the financial statements of the charity for the period ended 30th September 2021.

AIMS AND CHARITABLE PURPOSES

The Vipassana Trust (Dhamma Sukhakāri) exists to advance human happiness through the teaching of Vipassana meditation as taught by S N Goenka in the tradition of Sayagyi U Ba Khin.

ACTIVITIES – MEETING OUR CHARITABLE PURPOSES

During the period under review the Trust ran residential Vipassana meditation courses. The number of full-time adult participants (and number of courses) this year are summarised below:

Course Type 2020/21 2019/20
10-day 327 624
(10) (11)
3 day 55 436
(2) (10)

10-day courses are the standard introduction of the technique for adult students; ‘old’ students, that is those who have already completed a course in this tradition, may participate in these courses as well as in others that are shorter or longer.

A Vipassana course is a rewarding and often demanding experience. The Trust has a thorough application process to ensure that applicants understand the nature of what they are undertaking course and have a good chance of benefiting from their commitment of time and effort.

COVID -19 PANDEMIC:

Like many other organisations Vipassana Trust has been affected by the pandemic. A covid response team was set up by the Trust to ensure that government guidelines were followed. As a result, for part of the year, no courses were held and when courses did resume the number of students on each course was reduced.

The Trust’s cash flow projections were kept up to date to reflect the financial impact of the reduced number and size of courses. Despite the effects of covid, the trust achieved a surplus for the year thanks to the donations received from old students.

The Trustees are confident that Dhamma Sukhakāri will continue to run full courses as conditions allow.

ORGANISATION

Management of the Trust's affairs is by a Board of Trustees supported by a number of committees which look after various aspects of managing the centre. All trustees are old students who have generally sat a number of courses, served on committees and have been involved in the running of the Centre. They are appointed by the Centre Teacher to serve until the next annual general meeting. The charity is a CIO controlled by its Governing constitution which Document is registered with the Charity Commission.

No charges are made for attending courses and donations are accepted only from students who have successfully completed a 10-day course. It is made clear to all participants that these donations are not payment for the teaching and accommodation that they have received, but contributions towards the costs of providing courses in the future for others to attend. The donations are called 'dana' (a Pali word). Donations given at the end of a course (course dana) are the main source of funding for the Trust. It is also supported by monthly standing orders and one-off donations from old students as well as student loans of varying amounts and duration. Donations given at the end of a course are the main source of funding for the Trust, which also receives donations from old students by way of monthly standing orders and one-off donations. We also receive student loans of varying amounts and duration.

Teaching and serving (working) on courses is always done on a voluntary basis. The day to day running of the centre is done by volunteers.

FUTURE STRATEGY

The Trust intends to increase both the number of courses and the capacity on each course to enable more students to learn and practice Vipassana meditation. Demand for courses is high and the waiting list, on every course, is long.

FINANCIAL STATEMENT

There were a reduced number of courses during the year due to the pandemic leading to a reduction of income and of running costs. However, due to the support of old students and a Covid support grant a surplus was achieved.

The incoming resources for the year amounted to £180k (2020 £293k) and costs £173k (2020 £173k) leaving a surplus of £7k (2020: £119k) giving a reserve balance of £1,136k (2020 £1,129k).

Financial Support from Vipassana Trust

We are most grateful for the financial support of £3,000 per month that we received from our sister charity Vipassana Trust, from our incorporation until November 2020. This support was discontinued in October 2020 at our request when we felt that we had achieved financial stability.

(2)

VIPASSANA TRUST (DHAMMA SUKHAKARI)

TRUSTEES’ ANNUAL REPORT

RESERVES POLICY

The Trustees operate a policy of investing most of its liquid funds in improving the site and its facilities while ensuring that it has sufficient funds to meet the anticipated running costs of the organisation.

FINANCIAL MANAGEMENT & RISK REVIEW

The finance committee regularly scrutinises the financial situation by way of regular income and expenditure review, cash flow statements and forecasts. We aim to be prudent in our financial management with regards to commitments to future expenditure.

The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the charity SORP. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Signed

Milind Bhagwat 22[nd] May 2022 Trustee, Treasurer

(3)

VIPASSANA TRUST (DHAMMA SUKHAKARI)

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF VIPASSANA TRUST (DHAMMA SUKHAKARI)

I report on the accounts of the Trust for the year ended 30[th] September 2021 which are set out on pages 5 to 9.

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

It is my responsibility to:

Basis of independent examiner’s report

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

Independent examiner’s statement

In connection with my examination, no matter has come to my attention:

which gives me reasonable cause to believe that, in any material respect, the requirements:

have not been met;

or

to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

MR A A Houston On behalf of RJ Francis & Co Limited Marshall Business Centre Faraday Road Hereford HR4 9NS

22[nd] May 2022

(4)

VIPASSANA TRUST (DHAMMA SUKHAKARI)

STATEMENT OF FINANCIAL ACTIVITIES

(INCORPORATING THE INCOME & EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 30[TH] SEPTEMBER 2021








 Restricted
Unrestricted
Total Funds
Total Funds
Funds
Funds
2021
2020
Note
£
£
£
£
INCOME AND ENDOWMENTS FROM:
Donations and Legacies
2
21,250
124,175
145,425
260,044
Other Income
3
-
34,386
34,386
32,988
Investment Income
4
-
24
24
209
__
_
_
_
21,250
158,585
179,835
293,241
_
_
_
_
RESOURCES EXPENDED:
Costs of charitable activities
5
-
173,015
173,015
173,789

_
_
_
TOTAL RESOURCES EXPENDED
-
173,015
173,015
173,789

_
_
_
NET INCOMING/(OUTGOING) RESOURCES21,250
(14,430)
6,820
119,452

_
_
_
RECONCILIATION OF FUNDS
TOTAL FUNDS BROUGHT FORWARD
-
1,129,069
1,129,069
1,009,617

_
_
_
TOTAL FUNDS CARRIED FORWARD11
21,250
1,114,639
£1,135,889
£1,129,069

_
_
____

The Statement of Financial Activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared.

All of the above amounts relate to continuing activities.

(5)

VIPASSANA TRUST (DHAMMA SUKHAKARI)

BALANCE SHEET

30[TH] SEPTEMBER 2021











 Note
£
FIXED ASSETS
Tangible Assets
7
CURRENT ASSETS
Debtors
8
11,583
Cash at Bank and in hand
666,861
_
678,444
_
CREDITORS:Amounts falling due
within one year
9
129,639
_
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS:Amounts falling due after
more than one year
10
NET ASSETS
FUNDS
Unrestricted Income Funds
11
Restricted Income Funds
11
TOTAL FUNDS		 2021
£
£
1,924,941
5,866
232,743
_
238,609
_
52,486
_
548,805
_
2,473,746
1,337,857
_
£1,135,889
_
1,114,639
21,250
_
£1,135,889
_		 2020
£
1,828,438
186,123
_
2,014,561
885,492
_
£1,129,069
_
1,129,069
-
_
£1,129,069
__

The financial statements were approved and signed on behalf of the board on 22[nd] May 2022.

........................................................ Trustee ~~Milind Bhagwat~~ Krupa Srivastava

~~Treasure~~ r President

(6)

VIPASSANA TRUST (DHAMMA SUKHAKARI)

NOTES TO THE FINANCIAL STATEMENTS

  1. ACCOUNTING POLICIES a)

b) Incoming resources

c)

e)

f)

g)

FOR THE YEAR ENDED 30[TH] SEPTEMBER 2021

Basis of preparing the financial statements

The financial statements have been prepared in accordance with the charities SORP (FRS 102) ‘Accounting and Reporting by charities applicable in the UK and Republic of Ireland’ and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.

All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy.

Depreciation Policy

Depreciation is provided at rates calculated to write off the cost, less residual value, of each asset over its expected useful life, as follows:

Buildings - 2% Straight line Fixtures & Fittings - Various between 5%-25% Straight line Motor Vehicles - 25% Straight line

It is the charity’s policy not to capitalise items that cost less than £1,000.

d)

Resources expended

All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for expenditure. The charity is not registered for VAT and accordingly expenditure is shown gross of irrecoverable VAT and is reported as part of the expenditure to which it relates.

Foreign Currency

Transactions in foreign currency are recorded at the rate on the day when the transaction is made. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are revalued at the closing exchange rates on that date; any exchange differences are recognised in the profit and loss account.

Taxation

The charity is exempt from tax on its charitable activities

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

There were no restricted funds for this year or the previous year.

2.

3.

DONATIONS AND LEGACIES Restricted Unrestricted Total Funds Total Funds
Funds Funds 2021 2020
£ £ £ £
Dana (Donations) 17,000 108,881 125,881 213,572
Gift Aid 4,250 15,294 19,544 46,472
______ _ _ _
21,250 124,175 145,425 260,044
______ _ _ _
OTHER INCOME Restricted Unrestricted Total Funds Total Funds
Funds Funds 2020 2019
£ £ £
Misc Sales Income - - - 230
Foreign Exchange Gains - 6,329 6,329 7,758
Covid Grant - 28,057 28,057 25,000
______ _ _ _
- 34,386 34,386 32,988
______ _ _ _

(7)

VIPASSANA TRUST (DHAMMA SUKHAKARI)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30[TH] SEPTEMBER 2021

4.
5.		 INVESTMENT INCOME
Restricted
Unrestricted
Total Funds
Total Funds
Funds
Funds
2021
2020
£
£
£
£
Bank Interest Receivable
-
24
24
209
_

__
_
COST OF CHARITABLE
ACTIVITIES
Restricted
Unrestricted
Total Funds
Total Funds
Funds
Funds
2020
2020
£
£
£
Cost of Charitable Activities
-
173,015
173,015
173,789
_
_
_
_
Cost of Charitable Activities includes:
Restricted
Unrestricted
Total Funds
Total Funds
Funds
Funds
2020
2020
£
£
£
£
Accountancy Fees
-
1,330
1,330
1,169

_
_
____

6. TRUSTEES’ REMUNERATION AND BENEFITS

There were no trustees’ remuneration or other benefits for the year ended 30[th] September 2021.

Trustees Expenses

There were no trustees’ expenses paid for the year ended 30[th] September 2021

7.

TANGIBLE FIXED ASSETS
Fixtures & Land & Motor
Fittings Buildings Vehicle Total
£ £ £ £
Cost
At 1stOctober 2020 282,980 1,648,786 2,450 1,934,216
Additions 37,464 123,799 - 161,263
Disposals - - - -
_ __ ______ __
At 30thSeptember 2021 320,444 1,772,585 2,450 2,095,479
_ __ ______ __
Depreciation
At 1stOctober 2020 52,152 52,401 1,225 105,778
Charge for the Year 34,138 30,009 613 64,760
_ __ ______ __
At 30thSeptember 2021 86,290 82,410 1,838 170,538
_ __ ______ __
Net Book Value
At 30thSeptember 2021 234,154 1,690,175 612 £1,924,941
_ __ ______ ___
At 1stOctober 2020 230,828 1,596,385 1,225 £1,828,438
_ __ ______ ___

(8)

VIPASSANA TRUST (DHAMMA SUKHAKARI)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30[TH] SEPTEMBER 2021

8.
9.
10.
11.		 DEBTORS
Gift Aid Outstanding
Prepayments
Accrued Income
Miscellaneous Debtors
CREDITORS:Amounts falling due within one year
Trade Creditors
Credit Cards
Accruals
Student Loans
Bank Loans
CREDITORS:Amounts falling due after more than one year
Bank Loans:
Due within 1-2 years
Due within 3-5 years
Due after 5 years
Student Loan
Due within 1-2 years
Due within 2-5 years
Due after 5 years
MOVEMENT IN FUNDS
Balance at
1stOctober 2020
£
Unrestricted Income Funds
1,129,069
Restricted Income Funds
-
_
1,129,069
_		 2021
£
1,686
5,699
3,931
267
_
£11,583
_
15,529
533
9,564
67,125
36,888
_
£129,639
_
40,160
119,209
352,113
_
511,482
113,500
557,125
155,750
_
826,375
_
£1,337,857
_
Incoming
Resources
£
(14,430)
21,250
_
6,820
_		 30th 2020
£
1,022
1,968
1,012
1,864
_
£5,866
_
20,485
654
7,351
-
23,996
_
£52,486
_
24,676
78,308
396,429
_
499,413
25,000
162,587
198,492
_
386,079
_
£885,492
_
Balance at		 2020
September

2021
£
1,114,639
21,250
_
1,135,889
_
2021
  1. RELATED PARTY TRANSACTIONS

We do not consider that there were any related party transactions requiring disclosure for the year ended 30[th] September 2021.

13. CAPITAL COMMITMENTS

£74k capital expenditure had been authorised but not contracted for at the Year End.

(9)